Breaking News

Tweet TWEET

Brazil Regulator May Expand Aracruz Investigation, Estado Says

Brazil’s securities regulator may expand an investigation into currency derivatives transactions at Aracruz Celulose SA that led to a loss of $2.13 billion in 2008 to include more of the company’s former board members, O Estado de S. Paulo reported, citing people it didn’t identify.

The regulator, known as CVM, sought to deepen the investigation after suspending a judgement that was planned for Dec. 8 2010, O Estado said. The accusations may be revised to include all of Aracruz’s former board members, instead of just two, according to the newspaper. There is no estimated date for the new judgement, O Estado said.

CVM didn’t comment on the specific case, according to O Estado.

To contact the reporter on this story: Karen Eeuwens in London at keeuwens@bloomberg.net

To contact the editor responsible for this story: Adriana Arai at aarai1@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.